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Sunday, June 28, 2009

As the repayment date of a loan approaches, you are again short of money. You are not able to repay the loan in full. To avoid such circumstances, online installment loans can be ideal solutions. These are multi-month loans. Under these loans, your payments are fixed for several installments. You can choose the repayment date of each of the installments. All the steps from borrowing the loan and repaying it are taken online.

Such an option of repaying the loan in installments allows fixing the repayment date according to your payday. Some people get their salary bi-weekly and others once in a month. This means that you can repay the loan bi-weekly or once in a month as you have conveyed to the lender. Clearly, you have more time to pay. You can pay the loan installments in fixed and easier amounts. This eliminates the need to rollover a loan as is the case with payday loans.

To qualify for online installment loans, the applicants must prove their regular and verifiable source of income. Their minimum monthly gross pay should be at least $1500. They must hold an active checking account with direct deposits in their name. Valid emails address and phone number is necessary. Only adult citizens of USA of at least 18 years of age are eligible. Unlike payday loans, the lenders of installments loans would like to see your credit history and prefer those having a good credit record. But bad credit installment loans too are able on higher interest payments.

The applicants can prove their income by sending a copy of their most recent pay stub. Proof of your recent 30-day bank statement may also be requested. As far as repayment is concerned, the lending companies like to electronically withdraw the loaned amount from your checking account on the due date.

Online installment loans range from $600 to $1500 for any regular or urgent use. Either you can repay the full amount with interest on your next payday or you can schedule the repayment in many installments, up to 40 installments, bi-weekly or once in a month as is your payday.

Fee charges vary from lenders to lenders. But these are as expensive as payday loans are. The difference between the two is that you have the flexibility of choosing your day of repaying the loan and many installments are given to you to avoid onetime payment of the full loan amount. Search for the right online installment loans that have competitive fee charges.